In a recent transaction, Daniel Pietrzak, Co-President and Chief Investment Officer of FS KKR Capital Corp (NYSE:FSK), acquired 5,000 shares of the company's common stock. The shares were purchased at a price of $21.3099 each, amounting to a total value of $106,549. The business development company, currently valued at $6 billion, maintains a robust 13.6% dividend yield and has raised its dividend for three consecutive years, according to InvestingPro data. Following this acquisition, Pietrzak's direct ownership in the company increased to 49,800 shares. This transaction highlights a significant investment by a key executive in the company, which trades at a P/E ratio of 11.4x and maintains an overall "GREAT" financial health score on InvestingPro. For comprehensive insider trading analysis and additional insights, investors can access the detailed Pro Research Report, available for FSK and 1,400+ other top US stocks.
In other recent news, FS KKR Capital Corp reported strong third-quarter earnings, with net investment income exceeding expectations at $0.77 per share, and an adjusted net investment income of $0.74 per share. The company also declared a fourth-quarter distribution of $0.70 per share and made new investments of approximately $1.1 billion, primarily targeting existing portfolio companies. However, the net asset value per share saw a slight decrease from $23.95 to $23.82.
FS KKR Capital Corp has secured a $600 million underwriting agreement for the issuance and sale of notes, due to mature in 2030, with a consortium of underwriters led by several firms, including BofA Securities and J.P. Morgan Securities. The capital raised is expected to be used for general corporate purposes, which may include repayment of existing debt, investments, or other business opportunities.
RBC Capital Markets maintained a Sector Perform rating on FS KKR Capital, while raising the price target to $21 from the previous $20. This follows a review of the company's earnings per share estimates subsequent to their third-quarter results. On the other hand, Wells Fargo (NYSE:WFC) downgraded the stock from Overweight to Equal Weight, citing concerns about credit risks associated with FS KKR's loan portfolio and a reduced upside potential.
These are the recent developments for FS KKR Capital Corp, a publicly traded business development company.
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